PRE MARKET

Apple was the whole Dow yesterday. The rest of the market continues to underperform the Dow, which is up 500 points since last Monday…the S&P is flat, the Transports and NASDAQ down…the Russell down. Not sure if it means anything or just rotation…but leave no doubt, past couple of weeks has divergences.

Gaps today: REGN, STMP, TSLA, TTWO, WYN, SEDG to the upside…

CAKE, TEVA, ABC, CXO, LB, BDX,  DDD, CENX, HOLX to the downside.

There are a bunch of little gaps both up and down.

S&P futures flat…NDX up a wee bit as Tesla loses a ton, is cash flow negative, has deposits decelerating, considering debt offering to raise cash, loses money selling every car,  burns cash at $13 million/day but still up $21 this morning.

THERE’S NO MEDIA BIAS! BAZINGA!

This CNN hack actually blames a certain party on the right for Obamacare’s woes. Yup…it is not the fault of Obama…it is not the fault of the left who voted it in…it is not their fault even though it was imploding way before Trump became prez…it is not there fault even though one of the main architects admitted they lies about it…it is all the GOP’s fault…all Trump’s fault. Yup…there’s no media bias!

SOURCE:  https://www.mediaite.com/tv/chris-cuomo-to-mick-mulvaney-its-trump-and-gop-policies-that-have-destabilized-obamacare/

PRE MARKET-EARNINGS ROULETTE

Tons of jello moving on the plate this morning. In no particular order but of course, we start with Apple.

Apple (AAPL) beat estimates in a quarter before a big roll out. At the open, AAPL will be gapping out of a 12 week sloppy base. This is the 2nd strong gap in 6 months. The one in January worked well. We have been told a second big gap to the upside within a year is a “be careful” sign. We’ll let the market decide.

Because of Apple, NDX futures up over .5%. Interestingly, S&P futures basically flat. DOW futures up but that’s on Apple. Apple suppliers like CRUS, QRVO, SWKS and others are up.

ILMN gaps up to a high…up $19.

Other gaps to the upside:

ALL, GRMN, CRTO, HUM, PZZA.

On the downside…WOW!

COHR down $35 off the highs…ULTI down $29 off the highs. MTSI down $13…leading SEMI off the highs…PXD down $14…

Smaller but decent sized gaps to the downside: BGFV, HLF, FISV, AN, RIO, SSTK, FARO, RMD, MRCY, VMC, RACE, CAH, DLPH.

Enjoy! Earnings roulette continues.

 

HOW’S THAT SOCIALIST PARADISE VENEZUELA DOING?

SOURCE: https://www.yahoo.com/news/venezuela-increasingly-isolated-deadly-vote-162531329.html

NOW GREENSPAN WARNS OF BOND BUBBLE!

After watching central banks go to negative rates…after watching central banks print over $20 trillion…after watching central banks take that conjured up $ to buy up bonds…after watching central banks buy up bonds to rig and manipulate interest rates down…after watching central banks buy up bonds to rig and manipulate interest rates down, screwing savers…NOW ALAN GREENSPAN IS WARNING THAT WE HAVE A BOND BUBBLE.  Alan Greenspan…you are a genius.

SOURCE: https://www.bloomberg.com/news/articles/2017-07-31/no-bubble-in-stocks-but-look-out-when-bonds-pop-greenspan-says

PRE MARKET

Dow has been working…other indices have been sitting…as of recent. That may change today. Futures up nicely…no news except market likes earnings, Asian markets strong. Other markets strong.  Before another word, let’s see outcome today. Except for transports, major indices remain nicely above support/moving averages.

Gaps of note:

SHOP breakaway gap. Strong name. Company loses money but strong sales.

ALSN, CGNX, IPGP, LL, RCL, TXRH others to the upside.

Actually not seeing material gaps to the downside…IDTI, SLCA…